The police investigation into the chief executive of international tax and pension firm STM has finished with no ‘further action taken’.
Last October, STM’s boss, Alan Kentish was arrested by police in Gibraltar over allegations he failed to disclose information about a client involved in a tax dispute with two countries.
In a market statement this morning, AIM-listed STM announced this police investigation into Kentish, and one of his colleagues, has now ended.
‘Alan Kentish and his colleague have now been formally advised that the investigation into matters described in the announcement have been completed and no further action will be taken. No charges were ever made against the individuals,’ the market statement said.
Last month STM, which provides international tax planning, acquired the troubled UK Sipp provider Carey Pensions in a deal worth up to £400,000.
This followed the group’s decision to move its head-office from Gibraltar to the UK in the smmer.